Summary

The smart fridge features a touch-screen, speakers, and a voice assistant that allows someone to build shopping lists, post photos, play music, and even control the home’s other smart devices, like lights and thermostats, right from the fridge. The smart fridge also sends alerts about expiring food and offers recipes through a meal planner for meals that include those expiring items.

The rising consumer electronics industry, growing preference towards customer personalization and customization are some of the drivers driving the growth of the global smart fridge market. Increasing purchasing power and rising disposable income will further contribute towards the adoption of a smart fridge due to the improving lifestyle conditions.

Another important reason behind the rising demand for smart fridges is the tech-savvy millennial population. Smart fridges are capable of connecting to the internet, and recently there are new models that can be used to order groceries by simply using voice or touch of a button. For instance, Samsung introduced a model that uses the Groceries by Mastercard mobile app to help customers easily order and pay forthe items needed.

Key Market Trends

Residential Application Segment is Dominating the Market

In the case of the residential application segment, the most significant driver is the changing lifestyles and food consumption preferences of people, with more consumers shifting towards ready-to-eat and frozen food. The residential application segment accounted for a larger revenue share in 2019 and is likely to expand at a strong rate over the forecast period.

A large part of new households comprises working singles who prefer to dine out rather than setting up their kitchen. This may be a drawback for the residential application segment growth.

Asia-Pacific is Expected to Witness the Highest Growth

By Geography, Smart Fridge market can be segmented into North America, Europe, Asia-Pacific South America, and the Middle East and Africa. In the North America region, the market is mature as compared to the other regional market as they are fast in the adoption of technology. Smart Fridge market in the Asia-Pacific expected to witness maximum potential in the forecast period. Rising personal disposable coupled with the increasing purchasing power of people in the region is anticipated to expand the growth of the market over the forecast period. Smart Refrigerator market in Europe, South America and the Middle East and Africa are also projected to witness positive growth during the forecast period.

Competitive Landscape

The report covers major international players operating in the Smart Fridge Market. In terms of market share, few of the major players currently dominate the market. However, demand is driven by consumer income. Large companies compete through volume purchasing, breadth of products, and effective merchandising and marketing. Small companies focus on a market segment and compete through the depth of products and superior customer service.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support

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